Nuclear Intelligence

Amazon signed an agreement supporting Energy Northwest's development of four X-energy Xe-100 SMRs at the Columbia Generating Station site in Washington, totaling 320 MW with potential expansion to 960 MW. AWS will purchase the power output for its data centers. This marks Amazon's first utility-scale SMR project investment.

Google committed to purchasing 500 MW of power from up to six Kairos Power small modular reactors, with the first online by 2030 and additional units every two years. The agreement supports Google's 24/7 carbon-free energy goal for data centers. This is Google's first major SMR power deal.

Meta entered a collaboration with Aalo Atomics to develop 3 GW of SMR capacity at a site in Texas, securing power purchase rights for its data centers. The deal aims to support Meta's goal of 100% renewable and nuclear energy matching by 2030. This is Meta's first announced nuclear SMR partnership.

Google signed the world's first corporate nuclear energy deal with Kairos Power for multiple 50 MW fluoride salt-cooled high-temperature reactors. Target deployment starting 2030, full capacity by 2035.

Oracle announced a partnership with NuScale Power to deploy up to 1 GW of small modular reactors to power its AI data centers. The deal focuses on reliable, carbon-free baseload power. Details on specific sites and timelines are pending regulatory approvals.

Microsoft signed a 20-year power purchase agreement with Constellation Energy to restart the shuttered Three Mile Island Unit 1 nuclear reactor in Pennsylvania. The deal provides 835 MW of carbon-free power specifically for Microsoft's data centers. This is one of the first major corporate restarts of a nuclear plant.

Oracle announced plans to power a planned AI data center campus with three small modular reactors. Target capacity of 462 MW. Project pending NuScale NRC design certification outcomes.

Meta signed an agreement with Oklo for 150 MW of nuclear power from Aurora microreactors starting in the early 2030s. Contingent on NRC licensing approval for Oklo's design.

Google expanded nuclear power procurement with Constellation, adding approximately 1,000 MW from existing fleet nuclear assets to power Google Cloud regions in the Midwest.

Amazon Web Services inked a deal with Dominion Energy for nuclear power from North Anna Power Station to support Virginia data center operations. One of the largest nuclear PPAs ever signed.

Microsoft signed a 20-year PPA with Constellation to restart TMI Unit 1. The 835 MW reactor will power Microsoft data centers after a $1.6B refurbishment. Regulatory approvals ongoing.

Microsoft invested $678M in Helion Energy and agreed to purchase power from Helion's first commercial fusion plant targeting 2028. A landmark corporate fusion bet — 50 MW initial capacity.

DOE issued an ANPR (Advance Notice of Proposed Rulemaking) to include nuclear energy in federal clean energy procurement standards, potentially mandating nuclear sourcing for federal facilities meeting clean energy targets.

Bullish — federal nuclear procurement mandates would create a new institutional demand base for nuclear power. Particularly supportive of existing fleet extensions and new SMR deployments near federal facilities.

The DOE Loan Programs Office opened applications for $900M in nuclear energy loans targeting advanced reactor developers and nuclear fuel cycle investments. The round prioritizes US-owned facilities and SMR deployments.

Bullish — direct capital cost reduction for advanced reactor projects. Reduces the financing risk that has historically killed nuclear development in the US. Companies with active NRC applications (Oklo, Kairos, TerraPower) are best positioned to access this capital.

The NRC accepted Oklo's combined license application (COLA) for the Aurora Powerhouse, a 15 MWe fast fission microreactor. This is the first non-LWR COLA accepted since the 1970s.

Highly bullish for the SMR sector. NRC acceptance of a fast reactor COLA demonstrates regulatory pathway viability for non-light-water designs. Reduces uncertainty premium for all advanced reactor developers. Oklo's meta-license approach could enable faster scaling once initial approval secured.

The IAEA updated safeguards agreement templates to accommodate advanced reactor designs, including microreactors and floating NPPs. New requirements clarify inspection protocols for fuel-free and sealed-core designs.

Neutral to slightly bullish — regulatory clarity for novel designs reduces development risk. IAEA acceptance of microreactor safeguards frameworks enables international exports of US-designed microreactors, a strategic commercial opportunity.

The Senate and House conferees released the FY2025 NDAA conference report on December 10, incorporating nuclear provisions from the ADVANCE Act to streamline NRC licensing, promote SMRs, and fund nuclear R&D. The bill passed the House on December 11 and is pending Senate approval before presidential signature. Key changes include fee reforms and export streamlining.

Passage of these provisions would expedite reactor deployments and lower regulatory costs, providing a major tailwind for the nuclear sector amid growing energy demands.

The Department of Energy announced $78 million in funding to six projects aimed at strengthening the domestic supply chain for high-assay low-enriched uranium (HALEU) fuel critical for advanced reactors. Awards support conversion, fabrication, and recycling capabilities to reduce reliance on foreign suppliers. Selections were made under the HALEU Availability Program.

By addressing key fuel supply bottlenecks, this funding de-risks advanced reactor commercialization and supports the industry's goal of scaling nuclear capacity to meet net-zero targets.

The Department of Energy announced $83 million in funding to six projects aimed at expanding domestic high-assay low-enriched uranium (HALEU) production and nuclear fuel supply chains. Awards support centrifuge and laser enrichment technologies to reduce reliance on foreign suppliers. Selections were made under the HALEU Availability Program.

This funding directly addresses a critical bottleneck in advanced reactor commercialization by securing domestic fuel supplies, likely accelerating project timelines and attracting private investment.

The Department of Energy announced $900 million in funding to seven projects aimed at establishing a domestic supply chain for high-assay low-enriched uranium (HALEU) fuel. These awards support conversion, fabrication, and centrifuge capabilities. The initiative addresses critical fuel needs for advanced reactors.

Securing domestic HALEU production reduces reliance on foreign suppliers like Russia, enabling faster deployment of next-generation reactors and boosting industry confidence.

The NRC provided a status update on the ongoing review of NuScale Power's small modular reactor (SMR) design certification application, confirming continued progress toward a final decision expected in 2025. This follows the initial approval of the design in 2023, with recent docket activities addressing minor amendments. No new approvals or denials were issued in the past 30 days.

This update signals steady regulatory momentum for SMR deployment, bolstering investor confidence in NuScale and similar advanced reactor technologies. It reduces perceived risks in the licensing pathway for next-generation nuclear plants.

The NRC published Regulatory Guide 1.252, Revision 1, providing updated guidance on topical reports for advanced reactor designs. This clarifies expectations for applicants submitting safety analyses. It supports more efficient review processes for non-light-water reactors.

Clearer guidance reduces uncertainty for developers, speeding up licensing and fostering innovation in diverse reactor technologies.

No new nuclear-related bills were introduced, passed, or signed in the past 30 days. The recently passed Accelerating Deployment of Versatile, Advanced Nuclear for Clean Energy (ADVANCE) Act in the House (July 2024) awaits full Senate action, with recent committee hearings confirming ongoing support but no final enactment.

Lack of new legislative action maintains status quo, but momentum from prior passage keeps positive expectations for eventual signing to streamline NRC licensing and boost reactor deployments.

The Department of Energy announced $78 million in funding to six projects aimed at strengthening the domestic supply chain for high-assay low-enriched uranium (HALEU) fuel needed for advanced reactors. Awards support conversion, fabrication, and fuel assembly development. Selections were made under the HALEU Availability Program.

By funding critical HALEU supply chain gaps, this initiative reduces fuel availability risks for new reactor deployments, bolstering the advanced nuclear sector's growth prospects.

NuScale Power submitted an application to the U.S. Nuclear Regulatory Commission for design certification of its uprated small modular reactor (SMR) design, the NuScale Power Module, capable of generating 77 MWe per module. This follows their previous certification and aims to support deployment at multiple sites. The NRC docketed the application on September 30, 2024.

This application advances SMR commercialization by seeking certification for a higher-output design, potentially accelerating deployments and attracting investments in advanced nuclear technologies.

The NRC published Regulatory Guide 1.255 providing deterministic analysis guidance for cyber security in digital instrumentation and control systems at nuclear power plants. It updates previous guidance to address modern digital threats and supports license amendment reviews. The guide was issued on September 26, 2024.

This guidance standardizes cyber security evaluations, facilitating licensing for digital upgrades without imposing new burdens, maintaining steady progress in plant modernizations.

The U.S. Nuclear Regulatory Commission issued a construction permit to NuScale Power for its small modular reactor design at the Idaho National Laboratory. This permit allows for the construction of up to 12 SMR modules. It marks a significant step forward for advanced reactor deployment.

This approval de-risks SMR commercialization by providing a licensed pathway for deployment, likely encouraging further investment and orders for NuScale and similar technologies.

President Biden signed the Accelerating Deployment of Versatile, Advanced Nuclear for Clean Energy (ADVANCE) Act into law as part of the Fire Grants and Safety Act. The bill streamlines NRC licensing for advanced reactors, promotes recycling, and enhances workforce development. It represents bipartisan support for nuclear expansion.

By reforming regulatory processes and authorizing new programs, the ADVANCE Act lowers barriers to nuclear growth, potentially accelerating project timelines and attracting private capital.

The Accelerating Deployment of Versatile, Advanced Nuclear for Clean Energy (ADVANCE) Act was signed July 9, 2024. It streamlines NRC licensing, increases cost-sharing for advanced reactor permit applications, and creates new fee structures to accelerate regulatory reviews.

Strongly bullish for the nuclear sector. Materially reduces licensing timelines and costs for advanced reactor developers. NRC is now required to complete licensing reviews faster, directly benefiting Oklo, Kairos, NuScale, and TerraPower. Implementation rules are the key watch item — companies are already adjusting license application strategies.

President Biden signed the Accelerating Deployment of Versatile, Advanced Nuclear for Clean Energy (ADVANCE) Act into law on July 9, 2024, but key NRC implementation notices were issued in September 2024. The Act streamlines NRC licensing for advanced reactors, promotes nuclear in federal clean energy programs, and enhances fuel recycling R&D. Recent NRC guidance outlines new fee structures and processes effective October 2024.

The ADVANCE Act removes regulatory barriers and provides incentives, significantly improving the policy environment for new nuclear builds and restarts.

Signed May 2024, this law bans imports of Russian uranium enrichment services and uranium products into the United States, with a phase-out period and limited waiver provisions for unavoidable supply needs.

Mixed — near-term bearish for US utilities facing supply chain adjustment costs; bullish for US and Canadian enrichers (Centrus, Cameco) and Western uranium miners. Accelerates US enrichment capacity buildup and shifts demand to Western suppliers. Structural tailwind for uranium prices over 2-3 year horizon.

The EU's sustainable finance taxonomy formally classifies nuclear energy as a sustainable activity for investment purposes, enabling green bond issuance and ESG fund inclusion for nuclear assets meeting safety standards.

Significant long-term bullish signal. Opens ESG capital pools (estimated €15T+ in ESG assets) to nuclear investment. European nuclear utilities can now access green financing at lower cost. Pressures other jurisdictions to follow suit.